Hallin Sells Saturation Diving System
Hallin Marine announced the agreement for the sale of one of its Saturation Diving Systems for US$4.2 million net to Great Offshore Limited of Mumbai, India.
The system, HMS Sat 02, was constructed in 2002 and was the first wholly in- house system built by Hallin. Specified engineering modification work to the system will be carried out by Hallin at a further cost to Great Offshore of US$350,000. Great Offshore is also paying a further US$350,000 to the Company for an Air Diving System, bringing the total transaction value to US$4.9million.
Hallin has received a deposit for the purchase of the system from Great Offshore and expects to complete the transaction and hand the system over in March 2007. Hallin will then commence the modification work.
Hallin expects to complete the build of two new Saturation Diving Systems for its own use during the current year.
John Giddens, Chief Executive of Hallin Marine, said:
"We are delighted to announce the profitable sale of the original system that provided the template from which the subsequent line of Hallin's modern Portable Saturation Diving Systems has evolved.
"The expertise Hallin has demonstrated in building our own very successful Saturation Diving Systems and the current state of the market for this equipment has created a demand that allows us to generate profit while also expanding and modernizing our fleet of diving systems.
"Of the two Saturation Diving Systems we will build this year one will be completed before June and the second is on schedule for completion at the very end of the current financial year. As a result we expect to end 2008 operating six Sat Systems, five of our own systems and a sixth which we are operating on a long-term rental basis."
Hallin Marine will be announcing its Preliminary Statement for the full year ended 31 December 2006 on Tuesday 20th March 2007.
Hallin Marine was formed in 1998 to provide marine and underwater services to the offshore industry, particularly in support of Oil & Gas development. It has grown from a US$1 million turnover company in its first year to a US$26 million turnover company in 2005.
- Hallin Completes Replacement of Mooring Lines for FPSO HYSY111 in China (Aug 26)
- Hallin Supports Subsea 7 in Offshore Installation Work in Bay of Bengal (Apr 17)
- Hallin Marine Completes Subsea Project at Thailand's Bualuang Oil Field (Feb 28)
Company: Great Offshore Limited more info
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